Post # 47
I have been torn on this issue forever. My Fiance thinks it’s a waste of money, mostly because of HOW MUCH it is to insure it (about $500/year). Both our parents think it’s a waste of money and I should “just be careful” I would like to get insurance just for the piece of mind, but I agree $500/year is too much to pay for piece of mind… So it’s ironic that I would say if it’s only 100$ a year to insure do it, but if it’s more don’t do it. I know I make no sense… =(
Post # 48
I have Chubbs jewelry insurance and they will cut you a check for the insured amount and you can spend it however you wish. It’s one of the best policies I was able to find because they let you pick your new ring and even if you want to upgrade, u just pay the difference. They cover everything and are one of the only policy that covers the item during shipment. I’ve also heard good things about jewelers mutual.
I pay more than that annually and can totally understand. It’s a lot to pay for but we considered how much it would be to replace it or if I lost it or someone came up to rob me. I figured, if he can save up all that to buy it for me, I can spend the extra cash to protect it. But for a long time I thought and pushed for not getting it until He insisted on it and wouldn’t let me wear it until I got the policy issued.
Post # 49
Absolutely get ring insurance! Honestly, I think it is crazy to not insure expensive jewelery. And the insurance is relatively inexpensive too!
Post # 50
@yellowshoe: I pay $53 a year through Jeweler’s Mutual and it provides the full appraised value if the ring is ever lost or stolen.
I’d look at some other policies if someone is looking to charge you over $500 a year.
Post # 51
@Mrs.KMM: really? we actually got quoted about the same from our home owners insurance company as well as jeweler’s mutual. do you mind sharing what policy you selected with jeweler’s mutual? i just did the free quote thing online and played around with the deductible selection, but didn’t really find anything about the actual policies. and didn’t go any further since Fiance isn’t willing to pay 500$ a year for piece of mind.
Post # 52
@yellowshoe: I don’t know the details of what was “selected”. DH got the ring insured before he even picked it up from the jewelers (and I didn’t even know he had it yet).
I just know that we pay $53 a year and it fully covers loss or if it is stolen. They’ll cut us a check for the full appraised value. I know ours doesn’t cover damage because we get damage coverage for free from Shane Co (where DH bought my rings) so maybe that is part of the difference. I’m pretty sure we have no deductable on my ring either.
Maybe your ring is just worth a ton more than mine. I have a decent quality 1 ct center stone with 8 channel set diamonds in the band.
Post # 53
Would anyone who has ring insurance mind sending me a PM with some details about how you went about the appraisal and insurance process? Thanks!
Post # 54
This will just repeat what other people have said…
100% yes. Seriously. My ring insured bumped my bill about $2.50 a month. Even at a $100 premium, that’s $8.30/month. Four cups of coffee. And you don’t have to worry about losing that $6.5K purchase.
It might seem stupid now, but you’ll be glad you have it if you need it. It’s the only way I’m comfortable wearing my rock.
Post # 55
I have a 10 year insurance with covers everything. It is worth it. Hopefully nothing will happen. I paid 250 Euro for it.
Post # 56
@Mrs.KMM: Thanks for the info! I think the difference could be the appraised value…mine is on the higher side
Post # 57
Thanks ladies! We’re probably going to get the ring appraised this weekend! I’ve become so paranoid after reading all of the comments. I love my ring and I don’t think I could handle loosing it!
Post # 58
I just have it on my renter’s insurance policy. It’s a lot cheaper than what many of you are paying. I think it’s about $20/year.
For the ‘apprasial’ I just had to phone them with the info about what it was worth (based on what he paid for it) and details like the metal, and diamond specs.
Post # 59
We have Jeweler’s Mutual. I love that it covers “stupid” too, so even if I flat-out lose my ring or accidently flush it down the toilet, it’s covered. (I hope those things never happen though!) I wouldn’t be without it!
I don’t remember exactly (DH set up the insurance), but I think we’re paying like $70-80 a year for about $5000 worth of coverage.
Post # 60
I have the insurance and it has been a waste of money but that’s a GOOD THING! I added it to the homeowner’s policy and it raised my payment slightly. Worth it!
Post # 61
i work for state farm insurance… highly worth it. our personal articles policies (which is an inland marine policy) can be selected without any deductible. in the state of maryland is it less than a dollar for every $100 your jewelry is appraised at, and that doesn’t include any other discounts that may be available. the other night thing is you can insure more than just your ring, it can cover any other jewelry, watches, computers, cameras, artwork, fine china and silvet, etc. the list really goes on. it’s also an open peril policy, aka it covers anything. you’d be surprised how many claims we get for lost/stolen/damaged jewelry.